Manuel Pellegrini is now the new bookmakers' favourite to take over as the next Leicester City manager.

The odds on the former Manchester City boss began to tumble on Friday afternoon as a series of bets were placed on him taking over at the King Power Stadium - and that has continued today.

He is now as short as 2/1 for the job, although most bookmakers have him at 3/1.

Bet365’s spokesman Steve Freeth said: “The majority of the early business since the departure of Shakespeare has centred on Coleman and Dyche, but the money for Pellegrini from Friday lunchtime onwards has been noticeable to say the least.”

Read More

Pellegrini has dropped from 20/1 early this week and more than 17 per cent of all bets are on him moving to City. Before Friday, there was hardly any money.

Pellegrini is presently managing Chinese side Hebei China Fortune, but is known to English fans for guiding Manchester City to the 2013/14 title and to two League Cup triumphs before being replaced by Pep Guardiola last year.

Manuel Pellegrini greets Claudio Ranieri ahead of the Premier League match between Manchester City and Leicester City (Image: ADRIAN DENNIS/AFP/Getty Images)

Wales boss Chris Coleman and Burnley manager Sean Dyche are joint second favourites at 9/2. The pair have were both favourites with the bookmakers earlier this week.

The other big mover is the former Southampton boss Claude Puel, who is now down to as short as 4/1 with some betting firms.

This is on the backs of reports that City want to talk to the Frenchmen about the job, although there is not a lot of money going on him.